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REAL ESTATE DICTIONARY

a la carte real estate servicesProfessional real estate services that are rendered one transaction
at a time instead of the conventional full-service, commission-based brokerage
relationship.

A-frame designAn
interior style that features a steeply peaked roofline and a ceiling that is
open to the top rafters.

abstract of judgmentThe summary of a court judgment that creates a lien against a
property when filed with the county recorder.

abstract or title searchThe process of reviewing all recorded transactions in the public
record to determine whether any title defects exist that could interfere with
the clear transfer of ownership of the property.

accelerated cost recovery systemA tax calculation that provides greater depreciation in the early
years of ownership of real estate or personal property.

A

accelerated depreciationA bookkeeping method that depreciates property faster in the early
years of ownership.

acceleration clauseA
provision that gives a lender the right to collect the balance of a loan if a
borrower misses a payment.

acceptanceThe
seller's written approval of a buyer's offer.

accessAny means by
which a person can enter property.

accessibilityThe
degree to which a building or site allows access to people with
disabilities.

accretionThe gradual
addition to the shore or bank of a waterway by deposits of sand or
silt.

A

acknowledgmentA
written declaration affirming that a person acted voluntarily.

acreA measurement of
land equal to 43,560 square feet.

acre-footThe volume
of material needed to cover an acre of land one foot deep.

active solar systemA
system that utilizes electric pumps or fans to transfer solar energy for storage
or direct use.

actual ageThe number
of years a structure has been standing.

ad valorem taxTax
based on assessed property value.

A

add-on interestThe interest a borrower pays on the principal for the duration of
the loan.

addendumAn addition
or change to a contract.

additional principal paymentExtra money included in the monthly payment to help reduce the
principal and shorten the term of the loan.

adjustable rate mortgage (ARM)A loan with an interest rate that is periodically adjusted to
reflect changes in a specified financial index.

adjusted cost basisThe cost of any improvements the seller makes to the property.
Deducting the cost from the original sales price provides the profit or loss of
a home when it is sold.

adjustment periodThe
amount of time between interest rate adjustments in an adjustable-rate
mortgage.

A

administratorA
person given authority to manage and distribute the estate of someone who died
without leaving a will.

administrator's deedA legal document that an administrator of an estate uses to
transfer property.

adverse possessionThe acquisition of title to property through possession without the
owner's consent for a certain period of time.

adverse useThe
access and use of property without the owner's consent.

aeolian soilSoil
that is composed of materials deposited by the wind.

affiantA person who
makes a sworn statement.

A

affirmationA
substitution for an oath granted to people based on religious
reasons.

agencyThe
relationship of trust that exists between sellers and buyers and their agents.
The agency is formed through a written contract.

agency closingThe
process by which a lender uses a title company or other firm as an agent to
complete a loan.

agency disclosureLaws in most states require agents who act for buyers or sellers to
disclose who represents whom in a real estate transaction. Laws vary widely by
state.

agreed boundaryA
compromise boundary to which property owners agree in order to resolve a
dispute.

agreement of saleA
document the buyer initiates and the seller approves that details the price and
terms of the transaction.

A

air handlerShort
for air-handling unit, the blower equipment in a furnace, heat pump, or similar
appliance designed for circulating heated or cooled air through a central
heating system.

air lotA designated
airspace over a piece of property.

air-handling unitThe
blower equipment in a furnace, heat pump, or similar appliance designed for
circulating heated or cooled air through a central heating
system.

alcoveA recessed
section of a room, such as a breakfast nook.

alienation clauseA
provision that requires the borrower to pay the balance of the loan in a lump
sum after the property is sold or transferred.

alkaliMineral salt
found in soil.

A

alkaline soilSoil that contains a higher concentration of mineral salt than
natural acid.

alleyA lane behind a
row of buildings or between two rows of buildings.

allowanceA budget
offered by builders of new homes for the purchase of carpeting and
fixtures.

alternative mortgageAny home loan that does not conform to a standard fixed-rate
mortgage.

aluminum sidingA
metal covering that provides an alternative to paint for owners of wood
homes.

amenitiesParks,
swimming pools, health-club facilities, party rooms, bike paths, community
centers, and other enticements offered by builders of planned
developments.

American Society of Home Inspectors
(ASHI)Professional association of independent
home inspectors whose members must meet the group's education and performance
requirements. Call (800) 743-2744 for list of ASHI-certified inspectors in your
area.

Americans with Disabilities Act
(ADA)A law passed in 1990 that outlaws
discrimination against a person with a disability in housing, public
accommodations, employment, government services, transportation and
telecommunications.

amortizationThe
process of paying the principal and interest on a loan through regularly
scheduled installments. Initially, most of each payment is applied toward
interest owed, and later in the loan term increasingly applied toward
principal.

amortization tablesMathematical tables that lenders use to calculate a borrower's
monthly payment.

amperageThe strength
of an electrical current.

A

ampereThe basic
unit used to measure electric current.

anchor boltA large
steel bolt anchored in concrete and attached to a building to prevent the
structure from moving.

annualAny kind of
plant that must be planted every year.

annual assessmentsThe process of placing a value on property for the strict purpose
of taxation. May also refer to a levy against property for a special purpose,
such as a street lighting or sewer assessment.

annual mortgagor statementA yearly statement to borrowers that details the remaining
principal and amounts paid for taxes and interest.

annual percentage rate (APR)A measure of interest rate that expresses the cost of a mortgage as
a yearly rate on the loan balance. The APR assumes the loan is held for its full
term. For adjustable-rate loans, the APR assumes the loan's index doesn't change
from its initial value.

A

annuityThe
payment of a fixed sum to an investor at regular intervals.

anticipatory breachA
communication that informs a party that the obligations of the original contract
will not be fulfilled.

appellantA taxpayer
or representative who appeals to a higher tribunal.

applicationA
document that details a potential borrower's income, debt, and other obligations
to determine credit worthiness.

application feeIncludes any fees that are paid upon application. An application
fee may include charges for property appraisal and a credit report, if those
fees are not reported separately.

A

appraisalAn
opinion of the value of a property at a given point in time.

appraisal feeThe fee
that a professional real estate appraiser charges to appraise, or estimate the
market value of, a property.

appraisal reportA
detailed written report on the value of a property based on recent sales of
comparable sites in the area.

appraised valueAn
opinion of the current market value of a property.

appreciationAn
increase in the value of a home or other property.

approvalA thorough
assessment made by a lender of a borrower's ability to pay for a home, and a
confirmation of the amount the borrower may obtain.

A

APR (annual percentage rate)A measure of interest that expresses the cost of a mortgage as a
yearly rate on the loan balance. The APR assumes the loan is held for its full
term. For adjustable-rate loans, the APR assumes the loan's index doesn't change
from its initial value.

apronA paved area,
such as the junction of a driveway with the street.

aquastatA thermostat
submerged in water and used to control the operation of a
device.

arbitrationA method
of resolving a dispute in which a third party renders a
decision.

arborAn area shaded
by trees, shrubs, or vines on a latticework structure.

arcA spark between
two electrical points.

A

archA curved
structure that supports weight over an area, such as a doorway.

architectA licensed
professional who designs homes, buildings, and other
structures.

architectural feesThe fee an architect charges for services. In general, architects
charge for their services by the hour, by the square foot, or by a percentage of
the project budget.

ARM (adjustable rate mortgage)A loan with an interest rate that is periodically adjusted to
reflect changes in a specified financial index.

ARM indexA publicly
published number used to adjust the interest rate for an adjustable rate loan
(ARM). An index (such as Treasury bills or the prime rate) reflects the lender's
cost of credit, and is not controlled by individual
lenders.

A

arpentA French
measurement of land equal to .84625 acres.

arrayA term used by
tax assessors to describe a list of properties in a certain category sold within
a given period of time.

as-is conditionThe
purchase or sale of a property in its existing condition.

asbestosA
fire-resistant mineral used for insulation and home products that has been found
to pose a health hazard.

ASHI (American Society of Home
Inspectors)A professional association of
independent home inspectors whose members must meet the group's education and
performance requirements. Call (800) 743-2744 for list of ASHI-certified
inspectors in your area.

asking priceA
seller's initial price for a property.

A

assemblageThe
combining of two or more adjoining lots into one larger tract to increase total
value.

assessed valueA tax
assessor's determination of the value of a home in order to calculate a tax
base.

assessmentThe
estimated value of a piece of real estate or a levy placed on property in
addition to taxes.

assessment rollsA
list of taxable property compiled by the assessor.

assessorAn official
who determines the assessed value of a property.

assetsItems of value
which include cash, real estate, securities, and
investments.

A

assignmentThe
transfer of rights to pay a debt from one party to another, with the original
party remaining liable for the debt if the second party
defaults.

assignorA person who
transfers rights and interests of a property.

assumable mortgageA
mortgage that can be transferred to another borrower.

assumption clauseA
provision that allows a buyer to take responsibility for the mortgage from a
seller.

assumption feeA fee
the lender charges to process new records for a buyer who assumes an existing
loan.

automatic extensionA
clause in a listing contract stating that the agreement will automatically
continue for a certain period of time after the expiration date. This is
discouraged and prohibited in many states.

A

automatic flue damperA device in the flue of a heating unit that closes to prevent heat
loss when the unit is not in operation.

average priceThe
price of a home determined by totaling the sales prices of all houses sold in an
area and dividing that number by the number of homes.

avigation easementAn
easement over private property near an airport that limits the height of
structures and trees.